Recently, I've observed a phenomenon: fewer and fewer people are still stubbornly holding onto altcoin Spot.

Based on the current cycle, there are more than 800 days until the next BTC halving, which is exactly the coldest stage of the bear market. Frankly speaking, looking ahead to a year from this time point, 90% of the altcoin projects in the market are likely to disappear or be delisted.

This round of the cycle is quite different from the past. BTC is backed by ETF funds, with institutions providing support; what about altcoins? It's completely the battlefield of retail investors. The project parties are liquidating at a loss, market makers are accumulating while dumping, and exchanges hold absolute power in the discussions.

Those who can survive this cold winter are probably of two kinds: one is mainstream coins backed by ETFs, and the other is tokens deeply integrated with exchange ecosystems. As for the rest? They are basically just participants.

After this wave of market movement in November, the altcoin sector will enter a liquidation period again next year. If you still hold small cryptocurrencies, don't fantasize about a long-term turnaround; preserving your principal is the priority. The dynamics of this market have already changed.